Calculating next year's estimates (1041)

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MFA required for electronic filing

Effective May 3rd, the 2017 version of UltraTax CS requires multi-factor authentication (MFA) to transmit e-files from CS Connect. Find out more.

To apply the current-year overpayment to next-year's estimated payments enter a code in the Application of current year overpayment field. See Applying an overpayment to the next year's estimated tax.

The following table describes the next-year declaration codes and the method in which the amount of prepayment is calculated for next year. 

To change the next-year declaration code, open Screen Est in the Payments folder, click the Next year declaration field, and select a code.

Code Result
1

Use the current-year income tax liability. This is the default if code 2 through 7 is entered in the Application of current year overpayment field.

Note: If the current-year tax is less than the minimum filing requirements, the vouchers don't print.

2 Use the current-year income tax liability plus the adjustment in the Amount for code 2 field. If you select this option, enter an adjustment to the current-year tax liability in the Amount for code 2 field, as well. If the adjustment represents a decrease, enter a negative amount.
3 Use the current-year income tax liability even if the total liability falls below the minimum amount required to make estimated payments.
4 Print vouchers with the amount fields blank. Estimate filing instructions are not produced with code 4 unless you enter X in the Print estimate filing instructions with blank amounts with code 4 field.
5

Use the amounts entered in the fields below. If this code is selected, also enter amounts in the Amounts for code 5 or 9 fields.

Note: The amounts adjust by any overpayment applied.

6 Use the current-year amounts plus the adjustments in the Amounts for code 6 fields. If you select this code, enter adjustments to the current-year amounts in the Amounts for code 6 fields, as well. If the adjustment represents a decrease, enter a negative amount.
8 Use next year's tax rates to calculate liability. If you select this code and the rates for the next year do not change, we calculate estimates using code 1.
9

Use the amounts entered below. If this code is selected, also enter amounts in the Amounts for code 5 or 9 fields.

Note: These amounts do not adjust by any overpayment applied.

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